Petron Corp in $100m block trade

The benefit scheme of Philippine oil company further reduced its stake in the company after pricing shares at the bottom of its indicative price range.

The Petron Corp Employees' Retirement Plan raised $100 million on Monday via an accelerated block sale of shares in the Philippine oil company.

Books opened in Hong Kong Monday night at an indicative price range of Php11.50 to Php12.00 per unit, which represented a 5.5% to 9.4% discount to Petron's closing share price on Friday, according to a term sheet.

PCERP sold 380 million shares in Petron priced at Php11.50 each thanks to decent demand from a range of long-only institutional investors and hedge funds, enabling the deal to close just a few hours after books opened, a source familiar with the matter said.

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